UK Firms Out Of The Loop On Cyberattacks

In today’s age, protecting sensitive data and assets from cyberthreats is top of mind for companies around the globe. But a recent study from PricewaterhouseCoopers (PwC) shows that businesses in the U.K. may need to improve on their detection methods when it comes to cybersecurity.

PwC released the results of its annual Global State of Information Security Survey on Wednesday (Oct. 7), providing insight on how businesses are coping with the escalating threat of cyberattacks through interviews with more than 10,000 executives from more than 127 countries, including 637 in the U.K.

The survey showed nearly 10 percent of businesses in the U.K. are unaware of how many cybersecurity attacks they have had in the past year. More worrying still, roughly 14 percent said they did not know how those attacks even took place.

The results underpin the fact that many organizations struggle with knowing exactly how to establish effective cybersecurity measures, or they simply lack the necessary resources to fight off the growing number of sophisticated cyberthreats.

Overall, the report found that 55 percent of executive boards do not participate in the overall security strategy of their companies, with nearly 42 percent admitting to not having an information strategy in place at all.

But the news was not all bad. The general increased trend in cybersecurity technologies is actually providing companies with more opportunities and encouragement to improve security measures and establish safeguards against cyberattacks.

“We are seeing more of what we once saw as a risk being turned into possible solutions,” David Burg, PwC’s global and U.S. advisory cybersecurity leader, said in a news release.

“For example, many organizations are embracing advanced authentication as a cloud service in place of solely password-based authentication.”

The timing couldn’t be better for U.K. companies to step up their cybersecurity consciousness because all signs point to continued growth on the region’s eCommerce market.

According to data from the Office of National Statistics (ONS), the U.K. had the largest percentage of people in the EU making online purchases last year, Computer Weekly reported yesterday (Oct. 8).

Last year alone, nearly 79 percent of the U.K. population purchased goods through eCommerce channels, increasing significantly over the past 10 years, rising from 44 percent in 2005.

“ECommerce has become an important source of revenue for businesses in the U.K.,” stated the ONS report.

“This could be due in part to a number of factors, such as U.K. government initiatives to promote eCommerce and the ‘digital agenda,’ alongside potential growth in other areas of the economy in the countries overtaken by Britain, resulting in the percentage of turnover accounted for specifically by eCommerce falling.”